Before $50,000, Bitcoin (BTC) Must Be Robust, Add 10.1 Percent

Prices ought to expand 10X in
the next bull wave for BTC’s market cap to surge past $1
trillion

At spot rates, Bitcoin’s
overall valuation is far from $1 trillion Chris Burniske
projects. While we don’t have the time frames, prices must
increase 10X to hit those levels. Even so, this will happen in
lock-steps with next targets at $6,000.

Bitcoin Price Analysis

Fundamentals

If historical prices are anything
to go by, then Bitcoin (BTC) market cap is on its way to $1
trillion. That is according to an analysis by Chris Burniske, a
crypto venture capitalist and partner at Placeholder. Basing
his observations on past prices, Chris is of the view that in
every bull leg, Bitcoin (BTC) market cap increase ten
folds.

The first wave in 2016 took its
overall valuation to $10 billion, and in 2018, Bitcoin’s market
cap peaked at around $100 billion. Since prices are printing
series of higher highs bolstered by an upbeat market, the next
leg up would, therefore, propel the market cap of the most
valuable coin to $1 trillion. At that valuation, BTC would
change hands at $50,000.

At spot rates, that is a 10X
increment, an attractive proposition for investors who had to
contend with a 75 percent drop during last year’s winter.
However, for Bitcoin to reach these astronomic valuations, Jeff
Sprecher, the chairman of NYSE, believes that the coin must
evolve into a perfect store of value with robust infrastructure
and a that can handle a
surge in demand:

“Bitcoin does not have a good
market structure. Even for Bitcoin, different markets are
posting lots of different prices. And you can pay an up to 6
percent spread to exchange dollars for Bitcoin, meaning
Bitcoin needs to rise by as much 6 percent before you break
even.”

Candlestick Arrangement

Up 10.1 percent in the last week
adding 4.8 percent in the previous day, Bitcoin (BTC) only lags
Binance coin (BNB) up 24.8 percent from last week’s
close.

Because of this exemplary
performance, BTC buyers are back and firm above $5,500 meaning
risk-averse traders can load up on undervaluation with targets
at $6,000 as mentioned in our last .

Besides price, the underlying buy
momentum is strong now that BTC did find support at the 38.2
percent Fibonacci retracement level of the week ending Apr 6.
As a result, every retest is another buying opportunity
confirming buyers of Apr-2.

Technical Indicators

By reversing losses of Apr-11, the
double bar bear reversal pattern of Apr 10-11 no longer holds.
As a result, bulls are in control thanks to today’s uptick in
participation. As aforementioned, every dip would be another
buying opportunity as long as prices are above the $5,300-400
zone.

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